Revenue performance remains erratic, evidenced by a 10.0% year-over-year decline in 2026Q1, while operating margins have faced extreme pressure, reaching a low of -74.8% in 2025Q4 due to commodity price sensitivity.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Revenue | 16.21B | 16.97B | 19.38B | 15.54B | 17.84B | 13.33B | 11.06B | 11.5B | 10.05B | 5.38B | 5.26B | 5.37B | 5.98B | 5.9B | 5.64B |
| Revenue Growth % | -25.47% | -12.41% | 24.67% | -12.86% | 33.78% | 20.53% | -3.83% | 14.46% | 86.78% | 2.32% | -2.09% | -10.17% | 1.34% | 4.67% | - |
| Cost of Revenue | 14.15B | 14B | 11.68B | 10.37B | 14.02B | 13.27B | 8.56B | 8.94B | 7.8B | 4.62B | 4.34B | 4.38B | 5.03B | 5.06B | 5.05B |
| Gross Profit | 2.06B | 2.97B | 7.69B | 5.17B | 3.81B | 60M | 2.5B | 2.56B | 2.24B | 761M | 918M | 992M | 952M | 837M | 589M |
| Gross Margin % | 12.72% | 17.52% | 39.7% | 33.27% | 21.38% | 0.45% | 22.61% | 22.25% | 22.33% | 14.14% | 17.46% | 18.47% | 15.93% | 14.19% | 10.45% |
| Gross Profit Growth % | - | -61.34% | 48.77% | 35.58% | 6256.67% | -97.6% | -2.27% | 14.04% | 194.88% | -17.1% | -7.46% | 4.2% | 13.74% | 42.11% | - |
| Operating Expenses | 1.73B | 1.64B | 1.47B | 1.26B | 1.18B | 1.05B | 1.02B | 900M | 891M | 600M | 647M | 676M | 708M | 756M | 739M |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA | 3.3B | 4.29B | 8.86B | 5.78B | 4.63B | 988M | 3.46B | 3.47B | 2.95B | 996M | 1.09B | 1.31B | 1.68B | 1.58B | 1.37B |
| EBITDA Margin % | 20.34% | 25.25% | 45.72% | 37.19% | 25.97% | 7.41% | 31.27% | 30.17% | 29.39% | 18.51% | 20.69% | 24.41% | 28.17% | 26.78% | 24.33% |
| EBITDA Growth % | -68.38% | -51.63% | 53.27% | 24.78% | 368.83% | -71.44% | -0.32% | 17.51% | 196.49% | -8.46% | -17.01% | -22.15% | 6.58% | 15.24% | - |
| Depreciation & Amortization | 2.96B | 2.95B | 2.63B | 1.87B | 1.99B | 1.98B | 1.98B | 1.81B | 1.6B | 835M | 817M | 995M | 1.44B | 1.5B | 1.52B |
| D&A / Revenue % | 18.27% | 17.38% | 13.58% | 12.01% | 11.18% | 14.82% | 17.87% | 15.75% | 15.92% | 15.52% | 15.54% | 18.53% | 24.09% | 25.41% | 26.99% |
| Operating Income (EBIT) | 336M | 1.33B | 6.23B | 3.91B | 2.64B | -988M | 1.48B | 1.66B | 1.35B | 161M | 271M | 316M | 244M | 81M | -150M |
| Operating Margin % | 2.07% | 7.87% | 32.14% | 25.18% | 14.79% | -7.41% | 13.4% | 14.42% | 13.46% | 2.99% | 5.15% | 5.88% | 4.08% | 1.37% | -2.66% |
| Operating Income Growth % | - | -78.56% | 59.16% | 48.33% | 367% | -166.67% | -10.67% | 22.62% | 740.37% | -40.59% | -14.24% | 29.51% | 201.23% | 154% | - |
| Interest Expense | 4M | 1.18B | 1.09B | 749M | 853M | 598M | 296M | 381M | 529M | 224M | 1.1B | 1.29B | 1.75B | 1.92B | 2.75B |
| Interest Coverage | - | 1.95x | 4.17x | 3.67x | -0.83x | -1.88x | 4.01x | 4.19x | 0.81x | 2.12x | 20.45x | -3.31x | -3.89x | -0.58x | -0.40x |
| Interest / Revenue % | 0.02% | 6.95% | 5.65% | 4.82% | 4.78% | 4.49% | 2.68% | 3.31% | 5.26% | 4.16% | 20.88% | 24% | 29.26% | 32.48% | 48.83% |
| Non-Operating Income | 0 | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | 1000K | 1000K | -1000K | -1000K | -1000K | -1000K |
| Pretax Income | 2.78B | 1.12B | 3.47B | 2B | -1.56B | -1.72B | 890M | 1.22B | -101M | 250M | 21.35B | -5.56B | -8.55B | -3.04B | -3.84B |
| Pretax Margin % | 17.14% | 6.62% | 17.89% | 12.87% | -8.75% | -12.92% | 8.05% | 10.57% | -1.01% | 4.65% | 406.07% | -103.46% | -143.01% | -51.47% | -68.17% |
| Income Tax | 538M | 179M | 655M | 508M | -350M | -458M | 266M | 290M | -45M | 504M | -1.34B | -879M | -2.32B | -732M | -894M |
| Effective Tax Rate % | 19.36% | 15.94% | 18.89% | 25.4% | 22.44% | 26.6% | 29.89% | 23.85% | 44.55% | 201.6% | -6.26% | 15.82% | 27.14% | 24.11% | 23.27% |
| Net Income | 2.24B | 944M | 2.66B | 1.49B | -1.23B | -1.27B | 636M | 928M | -54M | -254M | 22.69B | -4.68B | -6.23B | -2.2B | -2.95B |
| Net Margin % | 13.82% | 5.56% | 13.72% | 9.61% | -6.88% | -9.56% | 5.75% | 8.07% | -0.54% | -4.72% | 431.49% | -87.09% | -104.2% | -37.24% | -52.31% |
| Net Income Growth % | -7.63% | -64.5% | 78.1% | 221.68% | 3.69% | -300.31% | -31.47% | 1818.52% | 78.74% | -101.12% | 585.1% | 24.92% | -183.52% | 25.47% | - |
| EPS (Diluted) | 6.60 | 2.21 | 7.00 | 3.58 | -3.26 | -2.62 | 1.30 | 1.86 | -0.11 | -0.59 | 53.06 | -10.94 | -14.57 | -5.14 | -6.90 |
| EPS Growth % | -5.35% | -68.43% | 95.53% | 209.82% | -24.43% | -301.54% | -30.11% | 1790.91% | 81.36% | -101.11% | 585.01% | 24.91% | -183.46% | 25.51% | - |
| EPS (Basic) | - | 2.21 | 7.16 | 3.63 | -3.26 | -2.62 | 1.30 | 1.88 | -0.11 | -0.59 | 53.06 | -10.94 | -14.57 | -5.14 | -6.90 |
| Diluted Shares Outstanding | 339.8M | 339.8M | 352.57M | 375.19M | 422.45M | 482.21M | 491.09M | 499.94M | 504.95M | 427.76M | 427.58M | 427.5M | 427.5M | 427.5M | 427.5M |
High volatility due to commodity exposure and mark-to-market accounting
As reported in recent financial statements, Vistra’s revenue trajectory remains highly erratic, evidenced by a 10.0% year-over-year decline in 2026Q1, which suggests that the company's top-line performance is driven more by wholesale market price fluctuations than by consistent, regulated rate base growth or stable volumetric demand.
The significant quarterly revenue swings, including the 117% surge in 2024Q4 followed by a 68.2% contraction in 2025Q4, highlight the inherent instability of an IPP model compared to traditional rate-regulated utilities. Investors should monitor whether the company can decouple its revenue from ERCOT wholesale price volatility through its retail segment, as current figures suggest top-line growth remains highly sensitive to seasonal commodity cycles.
Based on reported figures, Vistra’s operating margin has fluctuated significantly, reaching a low of -74.8% in 2025Q4, which underscores the vulnerability of the company's cost structure to fuel price spikes and the lack of automatic pass-through mechanisms typical of traditional, fully regulated utility rate structures.
The reliance on natural gas and coal as primary fuel inputs creates a rigid expense base that cannot always be recovered in real-time through retail pricing. This mismatch between fuel cost recognition and revenue realization appears to be a primary driver of the inconsistent operating margins observed across the last ten quarters.
According to recent SEC filings, Vistra’s net income exhibits extreme volatility, with quarterly results ranging from a $268 million loss in 2025Q1 to a $1.9 billion gain in 2024Q3, largely reflecting non-cash mark-to-market adjustments on derivative instruments rather than sustainable, recurring regulated earnings power.
The wide variance in EPS, such as the 5.25 reported in 2024Q3 versus the -0.93 in 2025Q1, suggests that headline earnings are an unreliable indicator of the company's true operational health. Analysts should prioritize adjusted EBITDA metrics to strip out these derivative impacts and better assess the underlying cash-generating capability of the generation fleet.
As indicated by the recent acquisition of Energy Harbor, Vistra is pivoting its capital allocation toward nuclear assets, a strategy that appears intended to capture long-term, carbon-free baseload premiums rather than relying on the maintenance-heavy, coal-fired generation that characterized the company's historical asset base.
This transition suggests a potential re-rating of the company's earnings quality as it moves away from the 'Sunset' coal segment. However, the success of this strategy depends on the company's ability to maintain high nuclear capacity factors and successfully navigate the decommissioning liabilities associated with its legacy coal fleet.
Based on an analysis of the company's segment reporting, the 'Asset Closure' segment represents a significant, long-term cash outflow risk that is often obscured by the headline focus on generation margins and retail customer growth, warranting further investigation into the adequacy of current environmental remediation reserves.
The income statement fails to fully capture the future financial burden of decommissioning coal plants, which may eventually pressure free cash flow. Investors should remain skeptical of current profitability metrics until the full scope of these long-term environmental and closure-related liabilities is more transparently integrated into the company's ongoing financial outlook.
Quick answers to the most common questions about buying VST stock.
For fiscal year 2025, Vistra Corp. (VST) reported total revenue of $16.97B. This represents a 201.1% increase compared to $5.64B in 2012.
Vistra Corp. (VST) is profitable, generating $944.0M in net income for the fiscal year ending 2025 with a net profit margin of 5.6%.
Vistra Corp. (VST) reported an operating income of $1.33B, resulting in an operating profit margin of 7.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Vistra Corp. (VST) generated $2.97B in gross profit for the year, representing a gross profit margin of 17.5%. This demonstrates the company's core pricing power and production efficiency.